Call highlights. Favorable dry bulk market fundamentals, especially the low order book, intact despite the ongoing market reset due to Russian sanctions. No concerns about counter party risk even though expanding receivables triggered $1.5 million increase in doubtful accounts. Bunker fuel prices have moved up, but typically hedging 75% of fuel consumption helps temper impact.No change in 2022 EBITDA estimate of $98.0 million based on TCE rates of $24.8k/day. Well positioned after positive developments last year. Strong 2021 results make comps tough, but this year should be solid and TCE rate on 1Q2022 forward cover approximates $26.5k/day. Positive outlook based on a consistent commercial strategy that adds value in different market environments, a leading Ice Class market position, substantial progress on renewing and expanding the fleet, and success financing several acquisitions, including one in 1Q2022.Fleet renewal ongoing. Focus might shift to selling older assets given new build deliveries and acquisitions. Move up in asset values makes sales more likely. Lease financing for ~$15 million financed Bulk Concord acquisition.Dry bulk market adjusting to Russian sanctions. Near term impact is uncertain, but intermediate impact should be positive for ton miles. Staying positive on dry bulk market, but expecting volatility and seasonality. Also, the order book remains muted, and the January 1, 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply and tightens the market.Maintain Outperform Rating and price target of $7.50/share. While the dry bulk market has been volatile with concerns about economic growth, mainly in China, and the potential impact of the Ukraine invasion on global trade flows, we believe that supply/demand are close to balanced and any disruption should be short. Plus, we like the consistency of the unique business model, the timely expansion of the fleet and higher public market float following the exit of a former major shareholder. While recent performance has been strong and the stock is up 38% in 1Q2022, we were surprised by yesterday's drop of more than 11% and believe that PANL remains attractive, trading at an enterprise value multiple of 4.5x 2022E EBITDA. Read More >>